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2017 (8) TMI 1567 - HC - VAT and Sales TaxReopening of assessment - Change of Opinion - Valuation - market value - Circular dated 16.06.2014 - whether for the assessment years prior to coming into force of new amended definition of market value, the calculation of entry tax would be applying the new definition or it would be the law as it stood prior to the enforcement of the new circular? - HELD THAT:- The issue decided in the case of RELIANCE JUTE AND INDUSTRIES LIMITED VERSUS COMMISSIONER OF INCOME-TAX, WEST BENGAL [ 1979 (10) TMI 2 - SUPREME COURT ] where it was held that the assessing authority has sought to reopen the assessment and made reassessment only on the basis of change of opinion and on the basis of the circular issued by the State Government by which the Commissioner, Commercial Tax has directed to take into account the amount of royalty in calculating the entry tax without being any additional/fresh material brought on record. The circular of the State Government is based on change in law in the definition of "market value" which is only prospective in nature. This court has no hesitation in reaching to the conclusion that so far as assessment year which are prior to the issuance of the circular, the law as it stood prior to coming into force of amended definition of market value would be applicable. Petition allowed.
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